Truist Financial Corporation $TFC Shares Bought by AQR Capital Management LLC

Key Points

• AQR Capital Management increased its stake in Truist Financial by 12.3%, now owning 1,841,167 shares worth approximately $74.2 million as of the latest SEC filing.
• Other institutional investors significantly boosted their positions in Truist Financial during the first quarter, with Victory Capital Management increasing its stake by 922.9% to 6.6 million shares valued at $274.2 million.
• Truist Financial recently reported Q2 earnings of $0.91 per share, missing estimates by $0.02, despite revenue staying constant at $5.04 billion compared to the previous year.

AQR Capital Management LLC increased its holdings in shares of Truist Financial Corporation (NYSE:TFC - Free Report) by 12.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,841,167 shares of the insurance provider's stock after purchasing an additional 202,046 shares during the quarter. AQR Capital Management LLC owned approximately 0.14% of Truist Financial worth $74,181,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Amundi grew its position in shares of Truist Financial by 4.6% during the first quarter. Amundi now owns 24,774,656 shares of the insurance provider's stock worth $1,019,477,000 after purchasing an additional 1,091,311 shares in the last quarter. Paragon Private Wealth Management LLC bought a new position in shares of Truist Financial during the 1st quarter valued at approximately $299,000. Federation des caisses Desjardins du Quebec increased its position in shares of Truist Financial by 17.1% during the 1st quarter. Federation des caisses Desjardins du Quebec now owns 119,764 shares of the insurance provider's stock valued at $4,929,000 after purchasing an additional 17,529 shares during the last quarter. EP Wealth Advisors LLC increased its position in shares of Truist Financial by 16.7% during the 1st quarter. EP Wealth Advisors LLC now owns 16,626 shares of the insurance provider's stock valued at $684,000 after purchasing an additional 2,380 shares during the last quarter. Finally, GW Henssler & Associates Ltd. increased its position in shares of Truist Financial by 28.9% during the 1st quarter. GW Henssler & Associates Ltd. now owns 646,615 shares of the insurance provider's stock valued at $26,608,000 after purchasing an additional 145,049 shares during the last quarter. Hedge funds and other institutional investors own 71.28% of the company's stock.

Insider Transactions at Truist Financial

In related news, insider Bradley D. Bender sold 12,540 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $45.19, for a total transaction of $566,682.60. Following the transaction, the insider directly owned 500 shares of the company's stock, valued at $22,595. This represents a 96.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.17% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

TFC has been the topic of several analyst reports. TD Cowen initiated coverage on Truist Financial in a research report on Thursday, May 15th. They set a "hold" rating and a $44.00 target price on the stock. Raymond James Financial upgraded Truist Financial from a "market perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a report on Tuesday, July 8th. Wells Fargo & Company restated an "equal weight" rating and set a $47.00 price objective on shares of Truist Financial in a report on Thursday, August 21st. Keefe, Bruyette & Woods cut Truist Financial from an "outperform" rating to a "market perform" rating and set a $48.00 price objective for the company. in a report on Wednesday, July 9th. Finally, Citigroup upgraded Truist Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $44.00 to $55.00 in a report on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Truist Financial presently has an average rating of "Moderate Buy" and a consensus price target of $48.47.

Truist Financial Stock Up 0.3%

Shares of TFC stock traded up $0.15 during mid-day trading on Thursday, hitting $45.27. The stock had a trading volume of 2,530,771 shares, compared to its average volume of 8,436,450. The firm has a market capitalization of $58.37 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 1.69 and a beta of 0.88. The company has a debt-to-equity ratio of 0.75, a current ratio of 0.86 and a quick ratio of 0.86. Truist Financial Corporation has a 12-month low of $33.56 and a 12-month high of $49.06. The firm's 50-day moving average is $45.02 and its two-hundred day moving average is $41.75.

Truist Financial (NYSE:TFC - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The insurance provider reported $0.91 EPS for the quarter, missing the consensus estimate of $0.93 by ($0.02). The company had revenue of $5.04 billion during the quarter, compared to the consensus estimate of $5.04 billion. Truist Financial had a return on equity of 8.69% and a net margin of 16.82%.The company's revenue was down 406.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 earnings per share. On average, analysts predict that Truist Financial Corporation will post 4 earnings per share for the current fiscal year.

Truist Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Friday, August 8th were given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 4.6%. The ex-dividend date of this dividend was Friday, August 8th. Truist Financial's dividend payout ratio is currently 56.68%.

About Truist Financial

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.